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Objective: This study develops a conceptual framework for examining the associations between family financial socialization and financial capability on individuals' financial well‐being and explores the mediating role of financial help‐seeking when determining financial well‐being. Background: Individuals' family financial socialization and financial capability are associated with their financial well‐being. This study extends the literature by examining whether seeking financial help can indirectly mediate the association between these factors and individuals' financial well‐being. Method: This study used the 2016 National Financial Well‐Being Survey data set, consisting of 6,394 adults, and employed structural equation modeling with full information maximum likelihood and bootstrap estimation for empirical analyses. Results: Financial knowledge and perceived financial capability were positive contributors to financial well‐being. Family financial socialization showed positive direct and mixed indirect effects on help‐seeking behaviors. When mediated by help‐seeking behaviors, family financial socialization had significantly positive total and indirect associations and a negative direct association with financial well‐being. Conclusion: This study found that financial help‐seeking behavior was a significant factor in the indirect association between family financial socialization, financial knowledge, and well‐being. Implication s : Providing access to professional advice and encouraging family finance discussions can enhance people's financial well‐being. [ABSTRACT FROM AUTHOR]

Young people struggle to enter a new capitalist economy characterized by job instability and devalued wages and labor. The COVID‐19 pandemic exacerbated this instability, since employment sectors hit hardest by the economic recession affected jobs where young people worked. We study racially marginalized young people's labor market experiences in the United States through in‐depth interviews with seven participants conducted between 2019 and 2022, before and during the pandemic. Through coding and analysis, we develop themes of surviving, navigating the labor market, and glimpsing cracks in the capitalist wall. Interviews illustrate how racial capitalism pulls the rug out from under young people while offering illusions of stability through cobbled‐together work, benefits, and housing. Young people describe tuning themselves to become better capitalists and shifting their mindset to survive. Even so, young people recognize the pandemic created opportunities to question the status quo and reevaluate their engagements within the current capitalist economy. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to utilize the theory of planned behavior, integrating materialism, financial socialization, and perceived financial capability, to explore the psychological determinants influencing credit card repayment behaviors. Design/methodology/approach: The data for this research was sourced from the 2016 National Financial Well-Being Survey. Employing Structural Equation Modeling, this study investigated whether materialism, financial socialization, and perceived financial capability influenced credit card repayment behaviors through their impact on financial intention. Findings: The analysis suggests significant associations between materialism, financial socialization, and perceived financial capability with credit card repayment behaviors. Furthermore, the results highlight the substantial mediating role of financial intention in shaping the relationship between materialism, financial socialization, perceived financial capability, and credit card repayment behaviors. Research limitations/implications: Employing Structural Equation Modeling, the study investigated whether materialism, financial socialization, and perceived financial capability indirectly influenced credit card repayment behaviors through their impact on financial intention. Practical implications: The findings of this study underscore the importance of considering credit card utilization and leverage used by average consumers. Supporting community-based financial education programs might be useful for reaching individuals and families at the grassroots level and educating participants about the deleterious effects of maintaining high credit card balances and the perils of pursuing their materialistic desires by leveraging these purchases through the utilization of credit cards. Credit card companies can use these findings to inform their marketing strategies and design credit products that cater to the needs of different segments of customers. From a policy standpoint, it is extremely important to develop programs that protect those individuals who are most vulnerable and need the most help with managing their money. Social implications: Policy makers can also use these findings to develop regulations and consumer protection measures to promote responsible credit card use. For instance, they can introduce laws that require credit card companies to disclose the full cost of credit, including interest rates, fees, and charges, in a clear and transparent manner. They can also promote financial education programs to help individuals with high levels of materialism manage their credit card usage and debt. Originality/value: The paper integrates two well-established theoretical frameworks, the theory of planned behavior and materialism, to provide a comprehensive understanding of consumer credit card usage. This integration allows for a more nuanced analysis of the factors influencing credit card behavior. By utilizing data from the 2016 National Financial Well-Being Survey and employing Structural Equation Modeling (SEM), the paper conducts a robust empirical investigation. This adds credibility to the findings and allows for the testing of hypotheses derived from the theoretical frameworks. The findings of the paper have practical implications for policymakers, financial institutions, and consumer advocates. [ABSTRACT FROM AUTHOR]

Purpose — This study explores the financial well-being (FWB) of Muslim countries. It particularly examines the effect of financial capability, religiosity, and education level on FWB. Design/Methodology/Approach — The data utilised was obtained from the World Values Survey. The data analysis used was the ordered logit/probit regression analysis with a sample of 20,701 respondents from 16 countries. To measure FWB, this study uses both objective and subjective FWB. Findings — The results show the average FWB in the medium category, reflecting a moderate level where individuals neither face substantial financial difficulties nor achieve full financial satisfaction. The feeling of happiness is an important factor for a person to achieve high FWB even though they have a relatively low income or are relatively satisfied with their financial situation. Religiosity and education level have a positive effect on FWB while financial capability in success (hard work) has a negative effect, but saving has a positive effect on FWB. Originality/Value — This paper is the first to highlight the determinants of FWB in Muslim-majority countries with insights from World Values Survey data. The study contributes to the literature on FWB, specifically in the context of Muslim-majority countries. Research Limitations/Implications — A limitation of this study relates to the data availability and its use of some independent variables based on World Values Survey data. From a theoretical perspective, the research contributes to a better understanding of the factors influencing FWB. Practical Implications — One of the policy implications of this research is for governments to strengthen financial education that is integrated with religious values to encourage wiser financial management while adhering to religious principles. Practically, this study encourages individuals to improve financial literacy while considering religious values; financial institutions can also provide relevant financial services that accommodate religious needs. Individuals are advised to not only pursue high income but also to prioritise satisfaction and happiness through a healthy work-life balance. [ABSTRACT FROM AUTHOR]

To understand the pathway for achieving financial well-being in the present era of digital financial services, the present study aims to examine the role of financial capabilities and resilience in the association between digital financial literacy and perceived financial wellbeing. We used judgment sampling to collect data from 201 adolescents and young adults aged 15 to 34 years (n=187, 93%) in India who are experienced users of digital financial services. Structural equation modelling (PLS-SEM) is used to test the hypotheses. Findings reveal that financial capability and financial resilience completely and serially mediate the association between digital financial literacy and perceived financial well-being. The results imply that building financial capability and resilience against unexpected financial shocks can develop a sense of financial security and freedom that eventually contributes to financial well-being. Thus, this study provides a roadmap to achieving perceived financial well-being in the digital realm by integrating and synergizing digital financial literacy with financial capability and financial resilience. [ABSTRACT FROM AUTHOR]

This study applied communication privacy management (CPM) theory to develop a new measure of financial privacy, encompassing three dimensions of ownership, permeability, and linkages. The exploratory factor analysis was based on a pilot survey of 371 U.S. college students. The development of this scale was motivated by previous research establishing links between financial literacy, financial socialization, and family communication patterns to suggest the importance of understanding and measuring the role of communication and privacy in the transmission of financial knowledge. Therefore, correlations are also presented between the new measure of financial privacy and measures of financial knowledge, confidence, and experience. The financial privacy scale attained adequate validity and reliability to encourage further refinement and utilization in future theoretical and practical research related to family financial socialization. [ABSTRACT FROM AUTHOR]

This paper summarizes qualitative data from a field experiment exploring a coaching intervention in a low-income, minority community. The program aimed to develop clients' financial capability focusing on client driven goals. As part of the program, coaches reported client's financial goals, outcomes, and coaching challenges. The qualitative analysis suggests most participants had a goal of saving money, reported saving difficulties, but ultimately were able to save during the program. These findings support financial coaching as an intervention for building financial capability and show how a program to train college students in personal finance, coaching, and intercultural skills can effectively support low-income families.

The growth of small and medium enterprises (SMEs) shows a positive trend and has even become a major highlight in the national economic landscape. Moreover, most of these businesses are owned by women. Examining how digital capability and financial literacy and a dynamic environment affect the success of female-owned small and medium-sized enterprises in Indonesia is the main goal of this study. Financial and digital capability are examined as mediators between performance and these factors. The study used a causal explanatory research approach. The data in this study were collected through questionnaires. This research surveyed 100 female-owned small and medium-sized enterprises in Indonesia’s food and beverage, herbal and pharmaceutical, fashion, and craft industries. Partial Least Square (PLS) analysis was utilized in this work as an analytical tool. The study reveals that financial literacy significantly enhances SMEs` performance by improving resource management. However, a dynamic environment alone does not impact performance unless supported by other competencies. Financial competence does not strengthen the effect of financial literacy, indicating it may not be sufficient for success. Conversely, digital competence is crucial, mediating the relationship between a dynamic environment and SMEs` performance. Therefore, SMEs with strong digital skills are better positioned to adapt and thrive, making digital competence key to sustained business success.

Rates of advance financial care planning are low in the United States, increasing the risk of fraud, exploitation, financial mistakes, and loss of autonomy in later life. This study sought to identify older adults' perceptions and experiences with advance financial care planning to inform ways to motivate planning behavior and communication around future money management. Four focus groups were conducted in Baltimore, Maryland, with African American, Hispanic, low-income, and low–middle-income adults aged 65 and older. Data were transcribed, analyzed, and coded thematically. Five themes were identified: dignity , privacy , and independence ; lack of knowledge/resources ; prior experience ; social influence ; and family relationships. Findings suggest that older adults need education on advance financial care planning and that cultural differences affect motivation to plan. Financial advisors and other practitioners may leverage older adults' core values around dignity and independence to promote advance financial care planning, appealing specifically to the desire to reduce burden on future decision-makers and strengthen family relationships. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine and compare the associations between financial capability and financial anxiety (FA) before and during the coronavirus disease 2019 (COVID-19) pandemic. Specifically, financial capability is measured by three indicators: financial knowledge, financial behavior and financial confidence. This study also examines and compares the association among different income groups before and during the pandemic. Design/methodology/approach: Data are from 2018 to 2021 National Financial Capability Study (NFCS). Structural equation modeling (SEM) is employed to examine the direct and indirect associations between financial capability factors and FA. Furthermore, this paper also conducts multi-group SEM for three income groups to examine the heterogeneous effects of household income. Findings: Both before and during the pandemic, financial knowledge is directly positively and financial behavior is directly negatively associated with FA. In addition, both financial knowledge and financial behavior are positively associated with financial confidence, which in turn is negatively associated with FA. However, when taking the indirect effects into consideration, the total effects of financial capability factors on FA are all negative. Furthermore, the pandemic has intensified the negative association between financial behavior and FA rather than financial knowledge or financial confidence. Multi-group SEM shows that the positive direct effects of financial knowledge are only significant in the low-income group, while the negative direct effects of financial behavior are only significant in the low- and middle-income groups before the pandemic. However, direct effects of financial knowledge and financial behavior are significant in all income groups during the pandemic. Originality/value: First, this study specifies a construct, financial confidence, to proxy perceived financial capability. Second, it examines the mediating role of financial confidence in the association between the other two financial capability factors (financial knowledge and financial behaviors) and FA. Third, it also compares the associations between financial capability factors and FA before and during the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

Understanding how young people learn to manage their finances responsibly can guide interventions to improve their financial health and stability in the short and long term, yet merely increasing financial knowledge and skills is ineffective. Psychological and environmental factors appear to be important determinants of financial behavior, yet such factors have long been neglected in the literature. The present study appears to be the first to assess empirically the contribution of intuitive and rational mental capacity as well as opportunities and motivation to financial behavior formation. We surveyed 2299 young adults at 229 high schools and universities in Croatia. Through structural equation modeling, we found that intuitive and rational thinking as well as motivation and opportunity substantially influenced the formation of financial behavior, whereas financial knowledge played a negligible role. Rational thinking was a stronger determinant than intuitive thinking in the case of healthy financial behavior, while the opposite was true in the case of impulsive consumption. These insights may help develop effective interventions for promoting positive financial habits among young adults. [ABSTRACT FROM AUTHOR]

The fact that financial exclusion leads to income inequality is detrimental to sustainable economic growth. Digital finance facilitates the provision of financial services to poor people and has the potential to promote income mobility so that to reduce income inequality. This study uses the Digital Financial Inclusion Index and household data from the China Household Finance Survey to examine the association between digital finance and households' income mobility. Results show a significantly positive association between digital finance and upward income mobility. Underlying mechanism analyses suggest that digital finance is positively associated with upward mobility through the channels of equal opportunity and financial capability. Further heterogeneous analyses find that asset, education, and age can be moderators in the relationship between digital finance and income mobility. The findings demonstrate the importance of digital finance in promoting the income mobility of disadvantaged people and achieving the goal of inclusive and sustainable development. [ABSTRACT FROM AUTHOR]

Financial digitization is an irreversible phenomenon. The objective of this study is to construct the Digital Financial Capability Scale (DFCS). Starting with the development of a definition, we created a multidimensional scale composed of digital financial knowledge, digital financial behavior, and digital financial confidence. The validation process involved a qualitative stage, consisting of focus groups, expert validation, and pre-testing, and a quantitative stage, with exploratory and confirmatory factor analyses and structural equation modeling. The DFCS assesses an individual's perception of their ability to apply financial knowledge, adopt appropriate financial behaviors, and feel confident in making financial decisions in a digital environment. The final version of the DFCS consists of a set of 33 items divided into the three dimensions. The scale can be very useful for researchers who wish to study financial capability in the digital environment, for financial agents to evaluate clients, and for assessing the outcomes of public policies aimed at enhancing the financial capability of the population. [ABSTRACT FROM AUTHOR]

Objective: This study explores the relationship between financial socialization agents and financial well‐being in early adulthood and the mediating role of financial capability. Background: The family financial socialization theory provides a foundation for delineating the financial socialization process and outcomes in a family context. However, few studies have examined financial socialization experiences within a social context and their differential impacts on financial well‐being mediated by young adults' financial capability. Method: This study used a sample of Koreans aged 25–39 years gathered from an online survey conducted in 2021 (N = 1,599). Linear regressions were used to estimate the associations between financial socialization agents and financial well‐being, and the mediating roles of financial capability factors. Results: The findings indicate that financial socialization from observing parental financial behavior was positively related to young adults' financial well‐being. Other socialization agents—including peers, media, and school—were generally uncorrelated with financial well‐being. Further analyses showed that financial capability was a mediator between observing parental financial behavior and financial well‐being. Conclusion: Young Korean adults who learned personal finance by observing their parents had higher financial well‐being. Part of this effect was due to the improved financial behavior learned through the socialization process. Implications: The path to financial well‐being begins with experiential learning within a family context in early adulthood through improved financial behavior. Our findings call for greater attention to children who might be excluded from the benefits of family‐oriented financial socialization through observing parents' financial behaviors. [ABSTRACT FROM AUTHOR]

This study used data from the 2018 National Financial Capability Study State-by-State Survey to examine the role financial capability plays in financial education and financial anxiety among a sample of consumers who received financial education (N = 4,824). Financial education was explored through two lenses, quantity and quality. Results of the mediation analyses within the structural equation models suggest that the quality of financial education is more impactful than the quantity on financial capability. The mediator, financial capability, has a significant effect on decreasing financial anxiety. The direct effect of additional hours of financial education appears to alleviate financial anxiety whereas higher quality financial education increases financial anxiety. The implications of these findings are that financial education programs should strive for quality to ensure financial capability; however, providing multiple touchpoints over time for financial education may ensure just-in-time learning and decrease financial anxiety for participants. In addition, educators can provide insights into how to cope with financial anxiety (e.g., problem-focused, emotion-focused, meaning-making, and social support). [ABSTRACT FROM AUTHOR]

Widespread socio-economic challenges such as high levels of poverty and unemployment continue to plague South Africa. Owing to the nature of social work service delivery, social workers often serve the most vulnerable populations. However, it seems that social workers remain metaphorically in the trenches in the war on poverty, meaning that tangible evidence on the progress of poverty alleviation due to the direct involvement of social workers is meagre in social development. This article argues for the integration of a financial social work practice perspective into South African social work service delivery as a potential means of facilitating more efficient social development. The article is conceptual in nature and draws on the principles of theoretical adaptation. It posits social developmental theory as the dominant theoretical paradigm, and financial social work as the practice perspective. Analysis will highlight the current gaps in social developmental practice, and the appropriateness of financial social work to address it. The discussion aims to activate scholarly discourse on financial social work in South Africa and beyond, and to firmly position this practice perspective within sustainable social development. [ABSTRACT FROM AUTHOR]

AbstractParkinson’s disease (PD) is a neurodegenerative disorder affecting 1% of people older than 60 years. One of the abilities that seems vulnerable to the cognitive impairments associated with PD is financial capability. This explorative study aimed to evaluate the extent and type of problems in financial capability of people with PD without a diagnosis of dementia. Participants were 31 people with PD and 62 matched controls. Participants completed an extensive test-battery, including measures for financial capability and cognitive functioning. Compared to controls, the PD-group performed significantly poorer on two financial competence tasks and showed a comparable performance on the other financial capability measures. For 45% of the PD-group, cognitive test performance was indicative of mild cognitive impairment, yet no significant difference was observed in overall cognitive functioning between the PD and control group. In the total sample, only small or medium correlations were found between financial competence and cognition, and between financial capability and the contextual factors of income and financial experience. The findings suggest that in the earlier stages of PD, when cognitive impairments are relatively mild, some problems may be observed in financial competence, yet other domains of financial capability appear less affected. The absence of strong correlations between financial competence and overall cognitive functioning indicates that standard neuropsychological assessments seem inadequate to make financial capability determinations. By offering insight into the financial capability of people in the milder stages of PD, the findings of the present study may aid in the development and provision of tailored support. [ABSTRACT FROM AUTHOR]

Utilizing the 2017 China Household Finance Survey (CHFS) data, we design a novel multidimensional index of consumers' digital financial capability (DFC) and find that consumers' DFC significantly and positively influences their total household consumption and the proportion of online consumption. Our analysis reveals consumers' DFC impacts household consumption through mediating channels, i.e. easing credit constraints and promoting online shopping, information search, and social interaction. Overall, it is beneficial for consumers to enhance their DFC, not only their financial literacy, to better use digital financial services to improve their financial well-being in the digital era. [ABSTRACT FROM AUTHOR]

Understanding the financial capability and satisfaction of Catholic Higher Education Institution (CHEI) employees is crucial in addressing their financial well-being. Hence, this paper quantitatively assessed the financial capability and financial satisfaction of CHEI employees. Meanwhile, the qualitative phase explored the factors influencing financial capability and financial satisfaction through interviews. By employing a sequential explanatory mixedmethod approach, the research provided a holistic understanding of how financial capability impacts financial satisfaction and explore potential strategies to enhance their financial wellbeing. The quantitative phase involved a self-made research instrument. The researcher employed tools like frequency distribution, mean, standard deviation, and regression analysis. For the qualitative phase, data collection involved a semi-structured interview. Lichtman's 3 Cs analyzed the transcribed data. The quantitative results revealed that the CHEI employees has a high financial capability. However, they are financially dissatisfied. In their demographics, income, educational attainment, and employment classification has a significant relationship of CHEI financial capability. In financial satisfaction, only income and educational attainment has a significant relationship. Moreover, the qualitative results revealed that having alternative means of living, receiving spousal support, and having fewer dependents are key elements that enhance the financial resilience and flexibility of CHEI employees. However, despite their financial capability, the research indicates that CHEI employees may face financial dissatisfaction linked to employment-related issues. Factors such as limited career advancement opportunities and lower monthly salary levels are identified as significant contributors to their financial dissatisfaction. [ABSTRACT FROM AUTHOR]

Previous research that considered African Americans as a homogenous group has determined that they are reluctant to invest in equities and corporate debt bonds, resulting in lost opportunities to build wealth. This study explored financial literacy, age and generational cohort identity, and socioeconomic factors as possible limitations to African Americans' engagement in financial markets to build wealth. Financial risk tolerance is usually measured using three basic approaches: (a) assessing investment portfolio assets; (b) assessing responses to subjective questions; and (c) assessing responses to hypothetical questions with specific scenarios. The third approach was utilized in this study by conducting a multidimensional risk analysis with a 13-item assessment that addressed the constructs of investment risk, risk comfort and experience, and speculative risk. African Americans appear to be no different from any other group of Americans when provided with education to improve their financial literacy and financial risk tolerance levels, which are critical for reaching long-term wealth goals. [ABSTRACT FROM AUTHOR]

In this qualitative study, we explore the potential of an innovative case study approach in a personal finance course among college students with the goal of making the course inclusive for students who are from economically disadvantaged families and traditionally have unsuccessful experiences in math. Students were required to create their own cases based on their unique, diverse backgrounds. Student reflections on their personal case study projects underwent thematic analyses. Our analysis documents the benefits and barriers perceived by students in this unique case study implementation, which has implications for promoting inclusive teaching in personal finance course design and delivery. [ABSTRACT FROM AUTHOR]

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Purpose: Emerging literature on fintech has shown that consumers have been slow to adopt fintech-based products and services. However, limited literature is available regarding the factors associated with consumers' adoption of these products and services. This study aims to investigate the factors that are associated with consumer adoption of fintech-based products and services. Design/methodology/approach: Data on the usage and perception of smartphone financial apps by US residents ages 18–70 was collected in the fall of 2020. Based on the Extended Post-Acceptance Model (EPAM) framework, Structural Equation Modeling and Confirmatory Factor Analysis were applied to inspect how financial capability, perceived security and perceived usefulness affect fintech adoption. Findings: Fintech proficiency, investment risk tolerance and perceived safety are positively associated with the frequency of fintech application use upon adoption. Consumers are more likely to feel safer if they are more financially capable and technologically proficient. Consumers with higher risk tolerance tend to believe fintech apps are safe to use. Consumers with higher fintech proficiency are more likely to recognize the usefulness of fintech services. Originality/value: The study introduces a revised EPAM framework with antecedent factors, fintech proficiency and risk tolerance to investigate the factors associated with consumer adoption of fintech-based products and services. The key findings of this study validate the EPAM in the American context. Additionally, this research is among the first to have confirmed the direct relationship between perceived security and fintech adoption. The results have practical implications for existing fintech companies, banks and financial institutions, policymakers and financial advisory practices considering adopting fintech-based services for their clients. [ABSTRACT FROM AUTHOR]

Purpose: Financial inclusion can be proxied by banking status. The purpose of this study is to investigate the potential effects of financial capability on the financial fragility of US adults with various banking statuses during the COVID-19 pandemic. Design/methodology/approach: This study utilized the 2021 National Financial Capability Study (NFCS) dataset to investigate the relationship between financial capability and financial fragility among consumers with different banking statuses. The analysis controlled for employment shocks, health shocks and other consumer characteristics. Banking statuses included fully banked, under-banked (utilizing both banking and alternative financial services) and unbanked individuals. Logistic regression analyses were conducted on both the entire sample and subsamples based on banking statuses. Findings: The results showed that financial capability was negatively associated with financial fragility. The magnitude of the potential negative effect of financial capability was the greatest among the fully banked group, followed by the underbanked and unbanked groups. Respondents who were underbanked or unbanked were more likely to experience financial fragility than those who were fully banked. Additionally, respondents who were laid off or furloughed during the pandemic were more likely to experience financial fragility than those without employment shocks. The effect size of financial capability factors was greater than that of COVID-19 shock factors. These results suggest that higher levels of both financial capability and financial inclusion may be effective in reducing the risk of financial fragility. Originality/value: This study represents one of the first attempts to examine the potential effects of financial capability on financial fragility among consumers with various banking statuses during the COVID-19 pandemic. Furthermore, this study offers new evidence to determine whether COVID-19 shocks, as measured by health and employment status, are associated with financial fragility. Additionally, the effect size of financial capability factors is greater than that of COVID-19 shock factors. The results from the 2021 NFCS dataset provide valuable insights for banking professionals and public policymakers on how to enhance consumer financial wellbeing. [ABSTRACT FROM AUTHOR]

Measuring financial capabilities among young people poses a challenge for scholars. In this study, we developed a set of ten scales to assess various behaviors, attitudes, and knowledge, allowing for a comprehensive examination of the construct. We designed a pool of items and invited 746 participants, aged 16 to 29, who were divided into two groups for studying the psychometric properties of the tests. The first group underwent an Exploratory Factor Analysis, while the second group underwent a Confirmatory Factor Analysis. Through these analyses, we identified five dimensions of financial behaviors, four dimensions of financial attitudes, and one dimension of knowledge or financial literacy. The scales were combined to measure two financial capabilities: Financial Saving Capability and Responsible Debt Management Capability. Furthermore, we identified distinct profiles of young people associated with each proposed financial capability. Finally, we offer a conceptual discussion of the financial capabilities construct, present scales with reliable and valid measurements, and propose avenues for future research. [ABSTRACT FROM AUTHOR]

Improving the financial well-being of people with disabilities is a pressing concern, given the documented lower levels of financial well-being among this population compared to the general population. Limited research, however, offers effective strategies for improving their financial well-being. This study investigates how financial knowledge and family financial socialization can be combined to enhance the financial well-being of people with disabilities. Using data from the 2016 National Financial Well-Being Survey, we employ multivariate analyses and propensity score matching techniques to test the robustness of our results and ensure our population comprised a nationally representative sample of people with disabilities. Our findings show that people with disabilities experience lower levels of financial well-being compared to those without disabilities. Furthermore, we find that self-assessed financial knowledge and financial socialization within the family context are positively associated with the financial well-being of people with disabilities. These findings have important implications for researchers and financial service professionals who work with people with disabilities. This study emphasizes the importance of tailoring financial education to the specific needs of people with disabilities and prioritizing financial education and financial socialization within the family context as critical mechanisms for enhancing their financial well-being. [ABSTRACT FROM AUTHOR]

The National Financial Capability Study (NFCS) is a large-scale, ongoing research project of the FINRA Foundation that provides a broad range of stakeholders the ability to examine and better understand the financial capability of U.S. adults. First introduced in 2009, the NFCS has dozens of publicly available reports and data sets that are free to download. Data from the NFCS contain information on people's ability to make ends meet, their management of financial products and services, the extent to which they plan ahead, their financial knowledge and decision-making, and numerous other topics. This paper provides an overview of the history, methodology, and some insights gained from the NFCS over the years. In addition, given the NFCS' unique role as the birthplace of the Big 5 financial literacy questions that are present in all waves of the NFCS, we discuss the role of the NFCS in aiding our understanding of financial knowledge in the United States. The paper concludes with a look toward the future of the NFCS. [ABSTRACT FROM AUTHOR]

The positive association between financial capability and financial wellbeing is well-established in the literature. However, research is limited in examining the association from a long-term perspective with multi-year national data. This study attempted to fill this gap and examined the association between financial capability and financial wellbeing using pooled cross-sectional data from all five waves of National Financial Capability Studies (NFCS) conducted between 2009 and 2021, covering periods both before and after the onset of the COVID-19 pandemic. Financial capability was assessed using both a financial capability index and a set of financial capability components. Descriptive statistics revealed that financial wellbeing, as measured by financial satisfaction, showed an upward trend from 2009 to 2021. The financial capability index also exhibited an upward trend, with a dip in 2015. Four financial capability components showed different trends over the 12-year period. The results of multiple regression analyses conducted on the pooled sample and yearly samples indicated that, overall, the financial capability index was positively associated with financial wellbeing. Specifically, financial capability components, including subjective financial knowledge, desirable financial behavior, and perceived financial capability, were positively related to financial wellbeing. However, objective financial knowledge was negatively associated with financial wellbeing, consistent with findings from previous studies. The results suggested that the potential positive effects of the financial capability index on financial wellbeing increased over the survey years, primarily driven by the effects of subjective financial knowledge. [ABSTRACT FROM AUTHOR]

In most countries around the world, social workers assist financially vulnerable people, but they often do so with little or no training in finance. This article examines the development and pilot testing of a financial curriculum to be used in social work education and training in Singapore. Feedback from social workers informed development of the curriculum, which is practical and capability-based. The study covers two phases: first curriculum development, then pilot testing. Focus group methods are used to analyse the process and effectiveness of curriculum development and the initial training outcomes. [ABSTRACT FROM AUTHOR]

Regional loans provide consequences for regions to make payments on the loan at the specified time. This article aims to find out how Bone Regency's financial capacity is to pay off PEN loans over the next eight years, analyzed using Debt Service Coverage Ratio (DSCR) by Mahmudi. DSCR consists of eight indicators, namely Regional Original Income, General Allocation Funds, Profit Sharing Funds, Reforestation Fund Profit Sharing Funds, Mandatory Expenditures, Loan Principal Installments, Loan Interest and Other Loan Costs. This article uses a qualitative approach using quantitative data. Data collection techniques include Semi-Structured Interviews, Passive Participant Observation and Documentation. The research results show that Bone Regency has the ability to repay PEN loans in the next 8 years and meets the minimum DSCR score criteria of 2.5 points. There are no obstacles in repaying PEN loans, but regional finances in 2024 are predicted to be burdened due to the implementation of regional elections. Efforts made to overcome obstacles to repaying PEN loans are by producing good financial reports. Also to anticipate a budget deficit that may occur in 2024, by budgeting a reserve fund that starts in 2022 and can be disbursed in 2024.

This study applied communication privacy management (CPM) theory to develop a new measure of financial privacy, encompassing three dimensions of ownership, permeability, and linkages. The exploratory factor analysis was based on a pilot survey of 371 U.S. college students. The development of this scale was motivated by previous research establishing links between financial literacy, financial socialization, and family communication patterns to suggest the importance of understanding and measuring the role of communication and privacy in the transmission of financial knowledge. Therefore, correlations are also presented between the new measure of financial privacy and measures of financial knowledge, confidence, and experience. The financial privacy scale attained adequate validity and reliability to encourage further refinement and utilization in future theoretical and practical research related to family financial socialization.

The purpose of this study was to describe the relationships between financial literacy and financial capability rates of 18-24-year-olds and formal financial education in public K-12 schools. Though much has been studied about financial education, financial literacy, and financial capability, there are few clear answers about the relationships among the three. This study unpacked associations and relationships between financial education in public K-12 schools and young adults’ financial literacy and financial capability. Using extant data from national surveys about financial literacy and financial capability in 2015 and 2018, this study determined there was rarely a significant difference in young adults’ financial literacy and financial capability as related to the level of financial education they received in high school. Such information is important because it can reveal the differences in outcomes of various levels of formal financial education; this information can be used to shape policies and implementation that will provide the greatest positive impact for individuals and, in turn, the nation.

Purpose – This study aims to describe the effect of diversity of knowledge and financial capabilities on accountability for behavior control and improvement of financial performance. Design/methodology/approach – The population in this study were all branches of the Baitul Maal Wat Tamwil Sharia Savings and Loans Cooperative (KSPPS BMT) in Central Java. The sample used purposive sampling to obtain 146 respondents. Data were analyzed using the Structural Equation Modeling (SEM) analysis technique with the application of Analysis Moment of Structural (AMOS 24). Findings – The results of the study explain the increase in financial performance based on Behavioral Accounting Theory and Human Resource Management Theory. The behavior control accountability model shows that perceived interest and intention in self-confidence to control accountability behavior as indicated by behavioral intention, perceived behavioral control, process and financial accountability can affect financial performance Research limitations/implications – Where the factors of diversity of knowledge and financial capability in shaping accountability for behavior control and impact on financial performance will offer a deeper understanding of the supporting factors for accountability for behavior control and also have an impact on efforts to improve financial performance. Practical implications – A better understanding of the factors influencing improvement efforts should assist accountants in information processing, quality of judgments, accounting problems that arise with accounting users and preparers, and the use of information in accounting decision making. Originality/value – Using and explaining about improving financial performance based on Behavioral Accounting Theory and Human Resource Management Theory. The behavior control accountability model shows that perceived interest and intention in self-confidence to control accountability behavior as indicated by behavioral intention, perceived behavioral control, process and financial accountability can affect financial performance

While the number of immigrants working in Japan has increased in recent years, their living environment remains insufficient. The Japanese government accordingly created a holistic policy of multicultural symbiosis to accept immigrant workers in 2018. As immigrant workers experience difficulties in accessing Japanese financial services, financial literacy education and skills training are necessary, as are household management skills for immigrant workers who make remittances to their home countries. This article aims to clarify the financial education that immigrant workers need before coming to Japan. The author conducted a seminar comprising lecture and workshop sessions for 12 Indonesian workers, using an original textbook, and aimed to impart financial knowledge and skills to the attendees. [ABSTRACT FROM AUTHOR]

Today investor education and financial literacy are in the first place on the agenda of financial sector authorities. Moreover, complications and opportunities offered by technology, digitalization and other developments in the financial markets reinforce the importance of investor protection and financial education. Initatives to promote individual investors' understanding financial concepts and risks play a key function in investor protection, and foster their trust in capital markets by means of informed saving and investment decisions. The objective of this study to examine the review the literature on financial literacy along with the best practices in the world and the activities carried out in Turkey, and to develop suggestions for actions to be taken in Turkey. Studies in the literature show that the level of financial knowledge can affect financial behaviors, and financial behaviors can also affect the level of financial knowledge through experiences. On the other hand, it is possible to say that short-term trainings are not effective on financial behaviors. In terms of our country, it has been concluded that a national strategy to increase the level of financial literacy, prepared by taking into consideration the priority areas and target groups, should be implemented in cooperation with the financial sector and that financial education should be given together with the school curriculum in the early stages. [ABSTRACT FROM AUTHOR]

Social work clients often face complex financial problems. We have developed a financial social work intervention, FinSoc, to increase financial literacy and economic self-efficacy and reduce financial anxiety among parents with financial problems in Finland. The aim of this pilot randomized controlled trial is to explore the feasibility, acceptability, and preliminary effectiveness of the intervention. This paper, a study protocol, describes the design and implementation of the trial. Study protocols are articles detailing a priori the research plan, rationale, proposed methods and plans for how a clinical trial will be conducted. This study is a pilot randomized controlled trial with a mixed methods approach applying both quantitative measures and qualitative interviews. Participating social work clients with children are randomly assigned to either the treatment or the waiting list control group at a ratio of 1:1. The treatment group receives the intervention and the control group receives services as usual. The quantitative data from social work clients are collected at three measurement points. Qualitative interviews are conducted post-intervention with both clients receiving, and professionals implementing the intervention. The feasibility is assessed through recruitment and retention rates and the interviews with social work professionals providing the intervention. Acceptability is assessed through feedback from participants on satisfaction with the intervention and usefulness of the specific intervention components. Potential effectiveness is measured by financial literacy, economic self-efficacy and financial anxiety. The intervention is hypothesized to increase financial literacy and economic self-efficacy and reduce financial anxiety among social work clients with children. The results of this pilot study will increase the evidence base of financial social work and offer new insights for developing interventions for clients experiencing financial difficulties. [ABSTRACT FROM AUTHOR]

This article analyses a subset of eight youth employability programmes (YEPs) operating across South Africa using a panel survey of participants. It assesses the features of these YEPs and their links to subsequent employment while controlling for individual characteristics. Each YEP delivered technical and soft skills training, alongside other programme features offered in different combinations. Additionally, a financial capability intervention comprising financial literacy and access to a savings product was randomised to half of the training sites. Job matching, soft skills training, and financial capability are all strongly associated with better employment odds. The strength of these associations depends on how different training components are combined, and on graduates' education level and area of residence. The findings have implications for the design of active labour market policies in developing countries with large youth unemployment and fast-changing labour markets. [ABSTRACT FROM AUTHOR]

This investigation uncovers the factors influencing financial capability by utilizing behavioural science and ethnography. The study employs a representative sample from across the United Kingdom with a total of 72 households. This presents a unique opportunity to establish how the general population understands and utilises money, their views and attitudes towards money, and how this impacted each of the three financial behaviours. This investigation utilised a behaviour change theory to comprehensively and systematically encompass influences on the three behaviours underpinning financial capability. We were also able to design interventions based upon the most significant influencing factors. As such the interventions could simultaneously reduce the impact of significant barriers and further accentuate the effect of enablers to each financial behaviour. [ABSTRACT FROM AUTHOR]

Financial scales were developed to understand and explain the financial behavior of adults in the United States using data from the 2018 National Financial Capability Study (NFCS) and the Spanish-Language Supplement. The main difference between them is that the Spanish-Language Supplement was composed only of Hispanics who prefer Spanish as their first language. Researchers combined various related questions using factor analysis (principal component analysis) to create the scales for financial anxiety, financial capability, financial readiness, financial self-efficacy, and financial technology. These scales and their corresponding scores allowed researchers to better measure specific concepts related to consumer financial management. Cronbach's alpha showed scales were reliable and the Kaiser–Meyer–Olkin index confirmed the appropriateness of factor analyses. Except for financial capability, all financial scales using the 2018 NFCS State-by-State Survey were validated using the 2018 NFCS Spanish Supplement. [ABSTRACT FROM AUTHOR]

The origins of financial capability assessed at the country level can be traced back to the socio-economic and quality of life factors. However, the role of national culture should be considered equally important. Hence, differences in national culture are hypothesized to correlate with average financial capability levels at the country level. This study attempts to answer an important question: What is the relationship between culture and financial capability at the country level? The data for this study originate from four diverse sources provided by the World Bank (two datasets), United Nations, and Hofstede Insights. The final dataset includes data from 137 countries. As a measure of financial capability, we use an aggregate index combining financial behavior (account ownership) and financial knowledge. Culture is measured using six dimensions of national cultures from Hofstede Insights: Power Distance, Masculinity, Uncertainty Avoidance, Individualism, Long-Term Orientation, and Indulgence. The results show that certain dimensions of culture are strongly correlated with financial capabilities at the country level even after controlling for the level of economic development. Positive relationships between financial capability and three cultural factors—Individualism, Long-Term Orientation, and Indulgence—are noted. In addition, Uncertainty Avoidance is negatively associated with financial capabilities. The observed relationships are non-linear. Specifically, Individualism and Long-Term Orientation are positive correlates of financial capability up to a certain level (the score of 75 and 50, respectively, on the scale 0–100), Individualism is a positive correlate starting at the score of 25, while Uncertainty Avoidance is a negative correlate up to the score of 75. [ABSTRACT FROM AUTHOR]

The capability of individuals to manage their finances is essential to the outcomes of their entrepreneurial activities. Using panel data from the China Household Finance Survey (C.H.F.S.) in 2013, 2015 and 2017, this article examines how financial capability affects entrepreneurial performance in rural China. The results demonstrate that financial capability is positively correlated with the scale, profitability and sustainability of entrepreneurship, which is robust in consideration of endogeneity. The effects of financial capability are heterogeneous for different entrepreneurs. Furthermore, technology, labour and land act as the mediating variables through which financial capability improves entrepreneurial performance. Therefore, to facilitate entrepreneurial success, it is important to provide entrepreneurs with financial education. Meanwhile, improvements to the financial environment should also be considered. Additionally, financial institutions should combine financial services with factors, such as technology, land and labour, to improve entrepreneurial performance. [ABSTRACT FROM AUTHOR]

Background: The purpose of this research is to extend Corporate Social Marketing (CSM) literature and provide practitioners with a framework that can be used in different contexts, as the existing literature lacks an understanding of what factors determine the success of a CSM program and understand the interplay between cross-sector partnerships, CSM, and societal outcomes and impact delivery. Companies are taking a greater interest in addressing social issues, utilizing innovative CSR approaches such as CSM to promote behavior change among their audience while matching their core strengths and attributes (Kotler et al., 2012). Focus of the Article: The article evaluates how the CSM program Mein Pragati developed lasting behavior change and seeks to develop a conceptual model around its success. Research Question: How can the CSM contribute to behavior change programs? Program Design/Approach Importance to the Social Marketing Field: The proposed model (Input, Outcome, and Impact Model of Program Development) provides a structured approach to building a CSM program that changes behavior and develops mutual benefit between corporations, government, and nonprofits. Methods: Using a case study approach, this paper analyzes a successful financial inclusion program, Mein Pragati of a global analytics company, CRISIL, and its CSR arm. The three studies (in-depth interviews with eight management members, in-depth interviews with 82 Sakhis (peer educators) and their spouses, and 248 survey interviews with beneficiaries reveal the connection between program development, social outcomes, and societal impact. Results: Based on the findings of the three studies, the cross-sector Input, Output, and Outcome Model of the Program Development proposes ways to build effective CSR interventions. Individually, the findings from the in-depth interviews provide a thematic overview of CSM's success, peer educator interviews identify the impact and outcomes of Mein Pragati, and beneficiary interviews demonstrate program success. Recommendations for Research and Practice: Future research can empirically test the Input, Outcome, and Impact Model of Program Development, as further exploration of CSM is needed to understand how the concepts of people, planet, and profits can mutually benefit and provide both behavioral and societal change within program development. [ABSTRACT FROM AUTHOR]

The purpose of this study was to describe the relationships between financial literacy and financial capability rates of 18-24-year-olds and formal financial education in public K-12 schools. Though much has been studied about financial education, financial literacy, and financial capability, there are few clear answers about the relationships among the three. This study unpacked associations and relationships between financial education in public K-12 schools and young adults' financial literacy and financial capability. Using extant data from national surveys about financial literacy and financial capability in 2015 and 2018, this study determined there was rarely a significant difference in young adults' financial literacy and financial capability as related to the level of financial education they received in high school. Such information is important because it can reveal the differences in outcomes of various levels of formal financial education; this information can be used to shape policies and implementation that will provide the greatest positive impact for individuals and, in turn, the nation. [ABSTRACT FROM AUTHOR]

While older adults remain a population of interest when considering financial well-being, the experiences of racialized older immigrants remain scarce. In fact, the existing literature has a propensity to keep age, race, and ethnicity as separate categories rather consider their interconnections. Addressing this paucity of research is especially urgent given recent reports that highlight the emerging experiences of poverty among older adults living in Canadian urban centers such as Montreal, Toronto, and Vancouver. Analyzing data from a focus group with service providers in the city of Calgary, Alberta, this article identifies the barriers to financial well-being among racialized older immigrants and newcomers. Themes center on the structural barriers related to the ten-year and twenty-year dependency period, and experiences of structured dependency within intergenerational family units. This article also offers recommendations for policymakers and service organizations in strengthening financial well-being of racialized older immigrants. [ABSTRACT FROM AUTHOR]